Everstone Capital Exits Restaurant Brands Asia as Inspira Global Takes Control

Private equity firm Everstone Capital is set to divest its entire 11.26% stake in Restaurant Brands Asia (RBA), the franchisee for Burger King in India and Indonesia. This move marks the completion of Everstone's investment cycle after over a decade of involvement with the company. The stake, valued at approximately INR460 crore (around $57 million), will be acquired by Inspira Global, a conglomerate led by Aayush Madhusudan Agrawal, who also owns the Chinese Wok restaurant chain. The transaction is expected to be finalized soon, pending regulatory approvals.

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Inspira Global's acquisition includes a significant capital infusion of INR1,500 crore (approximately $180 million) into RBA. This capital will be raised through a preferential allotment of equity shares worth INR900 crore and warrants valued at INR600 crore, priced at INR70 per share. Following the acquisition, Inspira Global plans to launch an open offer to acquire up to 26% of RBA's outstanding equity, further solidifying its position as the new promoter of the company.

Chinese Wok Owner Takes Over Restaurant Brands Asia for INR1,500 CrInspira Global Buys Burger King India Stake, Everstone ExitsAjanta Promoters Seize Burger King India Master Franchise for INR1,960 CrCNBC TV18Restaurant Brands Asia Inspira Global to Acquire Controlling StakeRestaurant Brands Asia Board Approves INR900 Crore Capital Raise and Management ChangesEverstone to sell stake in Restaurant Brands Asia – reportReutersEverstone to sell stake in Burger King India operator—report

The transition in ownership is anticipated to enhance RBA's financial stability and growth prospects. Rajeev Varman, Whole-time Director and Group CEO of RBA, expressed optimism about the new partnership, highlighting the strategic alignment and capital support that Inspira Global brings. He confirmed that the operational structure and brand identity of RBA will remain intact, ensuring continuity during this transition.

Restaurant Brands Asia Inspira Global to Acquire Controlling Stake

While the acquisition has been largely welcomed, some analysts have raised concerns regarding the potential impact on RBA's existing management and operational strategies. The transition to new ownership often brings uncertainties, and stakeholders will be closely monitoring how Inspira Global's strategies align with RBA's established practices.

Everstone to sell stake in Restaurant Brands Asia – report

Inspira Global's Aayush Madhusudan Agrawal stated, “We admire RBA’s accomplishments and view this acquisition as a long-term value creation initiative.” He emphasized the commitment to working collaboratively with RBA’s existing management team to foster sustainable growth. Meanwhile, Restaurant Brands International, the global owner of the Burger King brand, has expressed support for the ownership change, looking forward to a productive partnership with Inspira Global.

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The deal is subject to mandatory shareholder and regulatory approvals, including clearance from the Competition Commission of India. A shareholder meeting is scheduled for February 13, 2026, to discuss the proposed management restructuring and capital raise. The outcome of this meeting will be crucial in determining the future direction of Restaurant Brands Asia.

Restaurant Brands Asia Board Approves INR900 Crore Capital Raise and Management Changes

While the acquisition details are largely consistent across sources, discrepancies exist regarding the exact valuation of the stake and the timeline for the transaction's completion. Some reports suggest varying figures for the capital infusion and the stake acquisition price, indicating a need for clarity as the deal progresses.

Restaurant Brands Asia Board Approves INR900 Crore Capital Raise and Management Changes

• “Aayush Madhusudan Agrawal of Inspira Global stated their admiration for RBA’s accomplishments and views this acquisition as a long-term value creation initiative.” — Aayush Madhusudan Agrawal, Founder and MD, Inspira Global

Restaurant Brands Asia Inspira Global to Acquire Controlling Stake

• “Rajeev Varman, CEO of Restaurant Brands Asia, affirmed that the operational structure and brand identity would remain intact, ensuring a seamless transition and continued focus on growth strategies.” — Rajeev Varman, Whole-time Director and Group CEO, Restaurant Brands Asia

Ajanta Promoters Seize Burger King India Master Franchise for INR1,960 Cr